National Australia Bank Limited (ASX:NAB) has completed $3 billion fully underwritten institutional placement. Under this placement, NAB would be issuing ~ 212 million new fully paid ordinary shares at $14.15 per share.
NAB obtained significant interest in the Placement from domestic as well as offshore institutional investors.
The shares issued under the Placement would have equal rank, however it would not be eligible for 2020 interim dividend.
NAB also updated that the existing eligible shareholders would have an opportunity to participate in SPP for ~ $30,000 of new NAB shares.
At AEST 12:26 PM, NAB shares are trading at $15.365, down ~ 2.506% from its previous close.